Firsthand Technology Value Fund Holding Phunware to Merge With Stellar Acquisition III
01 März 2018 - 3:00PM
Firsthand Technology Value Fund, Inc. (NASDAQ:SVVC) (the “Fund”), a
publicly traded venture capital fund that invests in technology and
cleantech companies, announced today that Phunware, a holding since
2014, has entered into a definitive agreement to merge with Stellar
Acquisition III, Inc. ("Stellar") (NASDAQ:STLR). The transaction
values Phunware at $301 million, and the consideration will be paid
with newly issued equity securities of Stellar.
Stellar is a Special Purpose Acquisition Company, or SPAC,
formed for the purpose of effecting a merger, asset acquisition, or
other business combination. Stellar’s units, common stock, and
warrants are currently listed on the NASDAQ under the symbols
“STLRU,” “STLR,” and “STLRW,” respectively.
Upon the closing of the merger, the combined company will
inherit the name Phunware, Inc. and its common stock is expected to
trade on the NASDAQ under the symbol "PHUN." The merger is subject
to shareholder approval and other customary closing conditions and
is expected to close in the second quarter of 2018. More
details will be made public as they become available.
About Firsthand Technology Value FundFirsthand
Technology Value Fund, Inc. is a publicly traded venture capital
fund that invests in technology and cleantech companies. More
information about the Fund and its holdings can be found online at
www.firsthandtvf.com.
The Fund is a non-diversified, closed-end investment company
that elected to be treated as a business development company under
the Investment Company Act of 1940. The Fund’s investment objective
is to seek long-term growth of capital. Under normal circumstances,
the Fund will invest at least 80% of its total assets for
investment purposes in technology and cleantech companies. An
investment in the Fund involves substantial risks, some of which
are highlighted below. Please see the Fund’s public filings
for more information about fees, expenses and risk. Past
investment results do not provide any assurances about future
results. Announced acquisition transactions about the Fund’s
holdings, such as provided above, do not provide any indication
about whether any other Fund holding will be acquired for a profit
or otherwise will become a profitable investment.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press
release contains "forward-looking statements" as defined under the
U.S. federal securities laws. Generally, the words "believe,"
"expect," "intend," "estimate," "anticipate," "project," "will,"
and similar expressions identify forward-looking statements, which
generally are not historical in nature. Forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to materially differ from the Fund’s historical
experience and its present expectations or projections indicated in
any forward-looking statement. These risks include, but are not
limited to, changes in economic and political conditions,
regulatory and legal changes, technology and cleantech industry
risk, valuation risk, non-diversification risk, interest rate risk,
tax risk, and other risks discussed in the Fund’s filings with the
SEC. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. The Fund
undertakes no obligation to publicly update or revise any
forward-looking statements made herein. There is no assurance that
the Fund’s investment objectives will be attained. We acknowledge
that, notwithstanding the foregoing, the safe harbor for
forward-looking statements under the Private Securities Litigation
Reform Act of 1995 does not apply to investment companies such as
us.
Contact:
Heather HohlowskiFirsthand Capital Management, Inc. (408)
624-9525vc@firsthandtvf.com
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